BimaLab Africa Insurtech Program (3IF - Inclusive Insurance Investment Fund)

BimaLab Africa is FSD Africa’s pan-African insurtech innovation platform, launched in Kenya in 2020 to close Africa’s protection gap, where insurance penetration remains below 3% and more than 97% of the population is uninsured. It backs technology-enabled ventures that extend affordable, relevant cover to farmers, women, SMEs, informal workers and low-income households, focusing on climate resilience, health and financial inclusion. To date, BimaLab has supported 135 insurtechs across 28 African countries, convening regulators, insurers, reinsurers and investors around a single venture pipeline, and has helped establish regulatory sandboxes in 6+ markets. BimaLab was set up because the protection gap persists for structural reasons: too few investable insurtechs, limited routes to market through licensed insurers, and an absence of early-stage capital willing to take insurance risk. Overall objective Close Africa’s protection gap by enabling underserved customers to access affordable, inclusive and innovative insurance solutions through a self-sustaining insurtech ecosystem. Specific objectives 1.Build and validate a pipeline of commercially rigorous, investment-ready insurtechs serving underserved African markets. 2.Convert innovation into commercial traction through milestone-based grant and returnable grant support that secures commercial contracts and capital raises for BimaLab alumni. 3.Crowd in private capital through 3IF’s blended structure, making inclusive insurance an investable asset class. 4.Sequence grant, returnable and equity capital along one continuum so each instrument de-risks the next and concessional capital gives way to commercial capital as ventures mature. 5.Strengthen the enabling environment through regulatory sandboxes and industry convening. The BimaLab continuum: sequenced catalytic capital BimaLab has evolved from a stand-alone accelerator into an end-to-end continuum in which grant, returnable and equity capital are deployed in sequence along one pipeline. Each stage de-risks the next, so catalytic capital is spent only where the evidence supports it and is progressively replaced by commercial capital. Stage 1 – BimaLab Insurtech Accelerator. A 6 month, equity-free programme providing structured learning, mentorship, regulatory guidance and investor matchmaking to insurtechs from MVP to post-revenue stage. Every learning block carries a commercial outcome, building investment readiness from the outset. Stage 2 – Growth Pad. Grant-funded, bespoke technical assistance for alumni with demonstrated commercial traction. This is where most promising insurtechs stall: between a validated product and a signed insurer contract or closed funding round. Grant capital is the right instrument because the risk is too early for equity and the returns accrue to the market rather than a single investor. Support is milestone-based and targets two outcomes: commercial contracts or tangible traction, and successful capital raises. It is complemented by the BimaLab Alumni Returnable Grant Programme, a recoverable technical assistance facility for partnerships acceleration, investment readiness and scale-up, which sits between a grant and an investment and recycles capital back into the pipeline. Stage 3 – 3IF, the Inclusive Insurance Investment Fund. The continuum’s investment vehicle and the first dedicated inclusive insurance venture fund for Africa, managed by 3IF Ventures. Ventures that clear their commercial milestones need growth equity that commercial investors have historically withheld; 3IF makes that risk investable. In June 2026, 3IF reached a USD 12 million first close, co-anchored by FSD Africa Investments (FSDAi) and ZEP-RE, with a pathway to a USD 30 million final close. It deploys equity from pre-seed to Series B, with cheque sizes of USD 250,000 to 1,000,000 across 15 to 20 companies; a catalytic junior tranche absorbs first-loss risk to attract senior private capital. 3IF targets 5.9 million new policies, improved resilience for 3.5 million households and SMEs, and 1.7 million jobs. Its first investment, in BimaLab portfolio company Turaco, marks the move from fundraising to deployment.

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BimaLab program website and platform - https://bimalab.org/

Ventures must be African-founded and operating in Africa, offering an insurance or insurance-adjacent solution in climate, agriculture, health, digital platforms or SME protection, with a demonstrable focus on underserved populations and an inclusive lens. As an impact investment fund 3IF investment facility targets 5.9 million new policies, improved resilience for 3.5 million households and SMEs, and 1.7 million jobs.

Pre seed to series B

Elizabeth Njambi Njeri

elizabeth.njambi@fsdafrica.org